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SRTA, Strata Critical Medical Inc.

Health Care Providers & Services diversified

Strata Critical Medical, Inc. is a time-critical logistics and medical services provider to the United States healthcare industry.

Strata Critical Medical Inc. operates one of the nation's largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated "one call" solution for donor organ recovery.

Strata's goals are closely aligned with those of all participants in the transplant ecosystem, including transplant centers, regulators, Organ Procurement Organizations ("OPOs") and other service providers.

Latest annual: FY2025 10-K

SRTA · Strata Critical Medical Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$197M

+34.3% YoY · 53% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $229M 5-yr avg $153M

Gross margin 21% 5-yr avg 19%

Operating margin −8.6% 5-yr avg −28.2%

ROIC −9% 5-yr avg −14%

Owner-earnings margin −24% 5-yr avg −22%

Free cash flow margin −25% 5-yr avg −25%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Logistics (90%) and Clinical (10%).
What moves the needle: Operating margin has run around −37% through the cycle on a 19% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. The cash cycle has run negative through the cycle (a median of −14 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on volume, payer mix and reimbursement. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −9%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Logistics is 90% of revenue, with Clinical the other meaningful segment at 10%.

Revenue by reportable segment, FY2025

Logistics90%$177M
Clinical10%$20M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$31M	$23M	$51M	$146M	$225M	$147M	$197M	$229M	RevenueRevenue
15%	10%	21%	15%	19%	20%	21%	21%	Gross marginGross mgn
34%	40%	60%	43%	42%	35%	31%	28%	SG&A / revenueSG&A/rev
($12M)	($10M)	($24M)	($54M)	($68M)	($23M)	($22M)	($20M)	Operating incomeOp. inc.
−37.0%	−44.2%	−47.7%	−36.6%	−30.3%	−15.3%	−11.3%	−8.6%	Operating marginOp. mgn
($11M)	($10M)	($40M)	($27M)	($56M)	($27M)	$41M	$47M	Net incomeNet inc.
								Cash flow & returns
($10M)	($11M)	($16M)	($37M)	($32M)	($3M)	($49M)	($45M)	Operating cash flowOp. cash
$472K	$526K	$596K	$6M	$7M	$6M	$8M	$10M	DepreciationDeprec.
($253K)	($2M)	$14M	($24M)	$4M	($1M)	($116M)	($120M)	Working capital & otherWC & other
$604K	$377K	$297K	$730K	$2M	$31M	$10M	$12M	CapexCapex
1.9%	1.6%	0.6%	0.5%	0.9%	21.0%	4.9%	5.3%	Capex / revenueCapex/rev
($11M)	($11M)	($16M)	($38M)	($34M)	($8M)	($59M)	($54M)	Owner earningsOwner earn.
−34.5%	−47.8%	−31.5%	−25.9%	−15.3%	−5.8%	−29.7%	−23.8%	Owner earnings marginOE mgn
($11M)	($11M)	($16M)	($38M)	($34M)	($33M)	($59M)	($57M)	Free cash flowFCF
−35.0%	−47.8%	−31.5%	−25.9%	−15.3%	−22.7%	−29.7%	−24.9%	Free cash flow marginFCF mgn
$0	$0	$23M	$48M	$0	$2M	$67M	$67M	AcquisitionsAcquis.
—	—	—	—	$0	$244K	$0	—	BuybacksBuybacks
—	—	-7%	-18%	-26%	-9%	-9%	-9%	ROICROIC
-52%	-92%	-14%	-10%	-24%	-12%	15%	16%	Return on equityROE
−52%	−92%	−14%	−10%	−24%	−12%	15%	16%	Retained to equityRetained/eq
								Balance sheet
$298M	$289M	$287M	$62M	$28M	$18M	$31M	$336M	Cash & investmentsCash+inv
—	$1M	$6M	$11M	$21M	$20M	$40M	$40M	ReceivablesReceiv.
$137K	$776K	$6M	$17M	$24M	$9M	$19M	$20M	Accounts payablePayables
—	$316K	($821K)	($6M)	($3M)	$11M	$21M	$20M	Operating working capitalOper. WC
$1M	$14M	$295M	$218M	$206M	$161M	$126M	$124M	Current assetsCur. assets
$371K	$6M	$13M	$27M	$35M	$23M	$20M	$21M	Current liabilitiesCur. liab.
3.9×	2.3×	23.1×	8.2×	5.8×	7.1×	6.4×	5.9×	Current ratioCurr. ratio
—	$0	$13M	$39M	$13M	$16M	$88M	$89M	GoodwillGoodwill
$278M	$18M	$336M	$325M	$295M	$257M	$325M	$328M	Total assetsAssets
($298M)	($289M)	($287M)	($62M)	($28M)	($18M)	($31M)	($336M)	Net debt / (cash)Net debt
$21M	$11M	$291M	$274M	$234M	$222M	$279M	$286M	Shareholders’ equityEquity
1.0%	2.1%	19.0%	5.7%	5.6%	13.5%	9.0%	8.2%	Stock comp / revenueSBC/rev
								Per share
25.1M	25.2M	42.9M	71.2M	73.5M	77.5M	82.1M	90.2M	Shares out (diluted)Shares
$1.24	$0.93	$1.18	$2.05	$3.06	$1.89	$2.40	$2.53	Revenue / shareRev/sh
$-0.43	$-0.40	$-0.93	$-0.38	$-0.76	$-0.35	$0.50	$0.52	EPS (diluted)EPS
$-0.43	$-0.44	$-0.37	$-0.53	$-0.47	$-0.11	$-0.71	$-0.60	Owner earnings / shareOE/sh
$-0.43	$-0.44	$-0.37	$-0.53	$-0.47	$-0.43	$-0.71	$-0.63	Free cash flow / shareFCF/sh
$0.02	$0.01	$0.01	$0.01	$0.03	$0.40	$0.12	$0.13	Cap. spending / shareCapex/sh
$0.82	$0.44	$6.79	$3.85	$3.19	$2.86	$3.40	$3.17	Book value / shareBVPS

The diluted share count moved ×1.7 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.66 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+11.6%/yr	+20.9%/yr
Capital spending / share	+30.2%/yr	+50.9%/yr
Book value / share	+26.6%/yr	+50.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Logistics+20.4%
“Logistics revenue increased by $30.0 million, or 20.4% from $146.8 million in 2024 to $176.8 million in 2025, driven by growth in flight hours, ground transportation and revenue per trip.”
✓ figure matches the filed record

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

82Mpeak FY2025

ROIC

−9%low FY2023

Gross margin

21%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($59M)owner earningsvs.$41Mnet incomelow FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $41M of profit but ($59M) of owner earnings: $100M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$41M	($27M)	($56M)	($27M)	($40M)
Depreciation & amortizationnon-cash charge added back	+$8M	+$6M	+$7M	+$6M	+$596K
Stock-based compensationreal costnon-cash, but a real cost	+$18M	+$20M	+$13M	+$8M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	−$116M	−$1M	+$4M	−$24M	+$14M
Cash from operations	($49M)	($3M)	($32M)	($37M)	($16M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$10M	−$6M	−$2M	−$730K	−$297K
Owner earnings	($59M)	($8M)	($34M)	($38M)	($16M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$25M	—	—	—
Free cash flow	($59M)	($33M)	($34M)	($38M)	($16M)
Owner-earnings marginowner earnings ÷ revenue	-30%	-6%	-15%	-26%	-31%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $18M), owner earnings is nearer ($76M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“In the past, we have identified material weaknesses in our internal control over financial reporting that we believe have been remediated.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$31M

Net cash, debt-free

Cash $31M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $31M, on net the company owes nothing, and can act from strength when others can't. It also holds $277M in longer-dated marketable securities; counting those, it sits at net cash of $308M. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 29d

Tight

DSO 74 + DIO 0 − DPO 45 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -9%

Below average through the cycle

5-yr median, range -26%–-7%; -9% latest = NOPAT ($22M) ÷ invested capital $248M

Industry peers: median -3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran -9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -30%

Consumes cash through the cycle

7-yr median margin, range -48%–-6%; latest ($59M) = operating cash ($49M) − maintenance capex $10M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -30% of revenue this year, a -30% median across 7 years. Treating stock comp as the real expense it is (less $18M of SBC) leaves ($76M).
Are earnings backed by cash? -1.18×

Thinly cash-backed

Cash from ops ($49M) ÷ net income $41M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 1.17×

Maintaining

Capex $10M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $197M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 6.38×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $106M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.16/share (latest year $0.48), the averaged base the calculator's gate runs on, and book value is $3.23/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 7

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Operating margin −43% → −19% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about −43% early to −19% lately, median −37% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2021 · −47.7% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$124M

Cash & short-term investments$59M
Receivables$40M
Other current assets$26M

Current liabilities$21M

Accounts payable$20M
Other current liabilities$987K

Current ratio5.93×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.93×stricter: inventory excluded

Cash ratio2.80×strictest: cash alone against what's due

Working capital$103Mthe cushion left after near-term bills

Cash runway1.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+87.4%the freshest read on whether the business is still growing

Current ratio, recent quarters6.0× → 5.9×

Deeper floors

Tangible book value$151Mequity stripped of goodwill & intangibles

Net current asset value$82MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$4M$4M of it operating leases

Deferred revenue$9Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 7-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$136M42% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$140Mover 7 years buying other businesses, against $45M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership15.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$18M
The slice of the business handed to employees in shares this year, 9% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Acquisitions, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Health Care Providers & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LFSTLifeStance Health Group Inc.	$1.4B	—	-10.2%	-9%	5%
PNTGThe Pennant Group Inc. Common Stock	$948M	—	4.8%	9%	5%
USPHU.S. Physical Therapy	$781M	—	12.8%	14%	12%
TOIThe Oncology Institute Inc.	$503M	—	-18.9%	-55%	-10%
FLGTFulgent Genetics Inc.	$323M	57%	-10.0%	-3%	7%
SRTAStrata Critical Medical Inc.	$197M	19%	-36.6%	-9%	-30%
AIRSAirSculpt Technologies Inc.	$152M	—	1.6%	-1%	7%
GRALGRAIL Inc. Common Stock	$147M	—	-1627.6%	-19%	-464%
Group median	—	—	-10.1%	-6%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Strata Critical Medical Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered50%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−25%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh SRTA against another business →

The owners of SRTA: the meeting and the votes →

Cite: Owner Scorecard, "Strata Critical Medical Inc. (SRTA), the owner's record," https://ownerscorecard.com/c/SRTA, data as of 2026-07-09.

Manual order: ← SRPT its page in the Manual SSB →

Industry order: ← SNDA the Health Care Providers & Services chapter TALK →